Performance Audit of the U.S. Department of Commerce’s Working Capital Funds

For our final report on our audit of the U.S. Department of Commerce’s (the Department’s) working capital funds (WCFs) operated by the Office of the Secretary (Departmental) and the National Institute of Standards and Technology (NIST), our audit objectives were to determine whether (1) the Departmental and NIST WCF billing methods used to allocate costs for internal Department support services are valid, reasonable, and consistently applied in accordance with applicable Department policies and (2) the internal Department support services costs billed through the WCFs are reasonable, allowable, and supported with documentation in accordance with applicable laws, regulations, and policies. We contracted with KPMG LLP—an independent certified public accounting firm—to perform this audit in accordance with Government Auditing Standards and contract terms. Our office oversaw the progress of this audit; however, KPMG is solely responsible for the attached report and conclusions expressed in it.